Nasdaq Leads Market Rally But Oil And Gas Producers Lag

Major averages rallied and were near session highs in late morning trading Thursday as investors pored over another avalanche of earnings reports.

About two hours into the session, the Nasdaq rose 0.9% while the S&P 500 and Dow Jones industrial average gained 0.4% each. Volume was disappointing in the early going. Nasdaq volume was tracking 14% lower than Wednesday. NYSE volume fell 8%.

In the stock market today,Nasdaq 100 component and IBD 50 member Keurig Green Mountain (GMCR) reclaimed its 10-week moving average in strong volume. Shares jumped 16% after the single-serve coffee giant reported better-than-expected earnings late Wednesday. Profit rose 16% from a year ago to $1.08 a share. Sales rose 10% to $1.1 billion.

Other big gainers in the Nasdaq 100 included chip plays such as Avago Technologies (AVGO), SanDisk (SNDK) and Nvidia (NVDA).

Also in the IBD 50 list, Michael Kors (KORS) added 2% as it works on a potential base. It's back above its 10-week line, but not by much. It's currently 7% off its high. Earnings are due May 28 before the open.

United Rentals (URI) is holding near highs as it works on a flat base. Shares rose nearly 2%. Single-digit sales growth in recent quarters gives pause, but full-year earnings are seen rising 32% this year and 25% in 2015. Estimates have been heading higher.

Saudi Arabia reportedly will cut crude production at the end of the summer after keeping up record production for most of the year. The world's top crude exporter could start the cuts as early as September, sources told the Wall Street Journal. The reductions could amount to 200,000 to 300,000 ...

Shares of Apple (NASDAQ:AAPL) chip supplier Qorvo (NASDAQ:QRVO) tumbled in after-hours trade Wednesday as the company's second-quarter guidance fell short of expectations. Qorvo, which was formed earlier this year in the $1.6 billion RF Micro Devices-TriQuint Semiconductor merger, earned an ...

Shares of chipmaker Maxim Integrated Products are rebounding after the company posted better-than-expected quarterly profit and hiked its dividend. The stock, like many of its peers, had been lagging below its key support levels amid concerns about growth in China, where much of Maxim's ...

07/29/2015 06:50 PM ET

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